“Our students expect an entrepreneurial educational experience, and this endowment will help draw attention to the program and how it can help them,” Mr Woodcroft said.

“The badge of honour of being the most awarded startup in the ilab Germinate program will also help them secure their first customers or in pitching to investors.

“I hope Shane’s generosity will inspire other alumni and business leaders to partner with UQ to shift student outcomes and help students gain critical skills in entrepreneurship and problem-solving.”

Winners of the Shane Chidgzey Young Entrepreneurs Prize will be awarded at ilab’s Germinate and Pitch event in October and will be determined by a judging panel consisting of Mr Chidgzey, ilab staff and live audience feedback.

Teams will be assessed on their ideas, team and business progress, and the potential of their startup based on their final presentation.